Home Business How to Get Certified as a Woman-Owned Small Business

How to Get Certified as a Woman-Owned Small Business

by admin
0 views

The ranks of women business owners are growing. There are 12.3 million women business owners in the U.S., according to the National Association of Women Business Owners (NAWBO), who employ nearly 9.4 million people and generate $1.8 trillion in annual revenue. And women of color are launching 64% of women-owned startups. 

However, most of these women haven’t had their companies certified as women-owned businesses. In fact, less than 1% are certified as owners of women-owned businesses.

Official certification brings opportunities for women business owners to work with and compete with larger businesses for contracts. To create more opportunities, federal government agencies (plus numerous state and local governments) offer “set-aside” programs that designate a certain percentage of contracts be earmarked for small businesses—including women-owned companies.

Types of Women-Owned Business Certifications

There are two categories of women-owned business certifications: Women’s Business Enterprise (WBE) and Women-Owned Small Business (WOSB).

1—Women’s Business Enterprise (WBE) is a designation used by many private sector businesses and organizations, and some state and local governments committed to offering contracting opportunities to women-owned companies. In the past, women could self-certify their businesses; however, now, you must go through one of the SBA’s approved third-party organizations:

El Paso Hispanic Chamber of CommerceNational Women Business Owners Corporation (NWBOC)U.S. Women’s Chamber of CommerceWomen’s Business Enterprise National Council (WBENC)

WBE certification is also available through one of the State Offices for Minority and Women Business Enterprises or local government offices. Be sure to ask where the certification is applicable, as some state offices are only certified to do business in their own states.

Each organization maintains its own procedures, requirements, and eligibility standards. In general, to achieve WBE certification, applicants must be:

Located in the United StatesA for-profit companyU.S. citizens or legal residents

In addition, the company must have 51% of ownership by a woman (or group of women), have a woman-controlled governing board, and be woman-run, meaning a woman must be responsible for daily operations.

2—Women-Owned Small Business (WOSB) is a designation used by federal government agencies committed to offering a percentage of contracts to women-owned companies. The federal government has established its goal to award 5% of federal contracts specifically to female business owners and at least 25% to small businesses. Qualified business owners can also apply to have an Economically Disadvantaged Women-Owned Small Business (EDWOSB) designation, a subcategory of the WOSB.

Eligibility for the WOSB Federal Contracting program requires:

The business be small according to SBA size standardsThe company be at least 51% owned and controlled by women who are U.S. citizensThe daily operations and long-term decisions are managed by a woman or women

To qualify as an EDWOSB, a business must:

Meet all the requirements of the WOSB Federal Contracting programBe owned and controlled by one or more women (each woman must have a personal net worth of less than $750,000)Be owned and managed by one or more women (each with $350,000 or less in adjusted gross income averaged over the previous three years)Be owned and controlled by one or more women (each with $6 million or less in personal assets)

The SBA has approved the same four organizations mentioned above to provide third-party certification for WOSB. Each has a different process and costs.

How to Apply for Certification

All companies wanting to do business directly with the federal government must now register their businesses at SAM.gov. (SAM stands for System Award Management.) 

If your goal is to be a subcontractor, you may not need to register with SAM, but you will need to get a Unique Entity Identifier (UEI) number (which is free) there. The Unique Entity ID number replaces the old DUNS numbers, which have been removed from SAM.gov. 

Being registered on SAM is the first step in the certification process. Once you’re registered, you can indicate which contracting program your small business is eligible to compete for. 

When you register your small business on SAM.gov, the SBA uses that information to populate the Dynamic Small Business Search (DSBS) database, which it maintains. Government agencies use the DSBS to find small business contractors. And small businesses use the DSBS to find other small businesses to work with.

Government agencies are required to use SAM to advertise all contracts over $25,000.

Before moving on to the next step, make sure your SAM account is active.

Documents Required

Expect the application to require some or all of the following information and documents:

Company name and fictitious business name (“Doing Business As” DBA)Owners’ names, addresses, and company websiteThe company’s legal structureIncorporation dateA list of each proprietor, partner, shareholder, or member within the 12 months preceding the date of the applicationAny affiliate relationshipsContact information for regular clientsBusiness and personal loansEmployee informationBirth certificate, current passport, or naturalization papersDriver’s licenses of all ownersEIN (Federal Tax ID)  Resumes of all owners, directors, partners, officers, and key personnelCurrent bank statements for all deposit accounts and loan statementsFinancial institution signature cardsDocumentation of how the company was capitalizedFinancial statements for three years, including balance sheet, profit & loss statementTax returns for the past three yearsAssumed/fictitious name certificateAuthority to conduct business in the state and certificate of good standing issued by Secretary of StateArticles of incorporation and articles of amendments filed with the Secretary of StateBylaws and amendmentsStatement of information filed with Secretary of State listing officers, directors, managers, members, or general partnersFor LLCs, articles of organization and operating agreementsCopies of all corporate stock certificatesMinutes of corporate shareholders and directors’ meetingsShareholder agreementsPartnership agreementsProfessional, industry, and business licensesCopy of lease or deed for business location

Businesses must update their information annually through the Dynamic Small Business Search database and beta.certify.sba.gov.

The application process for WBE certification is similar, although each agency may have its own specific guidelines to follow.

Certification Achieved! 

Getting certified as a woman-owned business can open a whole new world of potential profits, but only if you make the most of the designation. Include the certification logo in all your marketing materials and on your website. Stay active on government contracting websites and attend as many contracting/networking events as possible, so government agencies and companies are aware of your company. Although procurement opportunities involve a lot of hard work, getting a contract is a huge win and can lead to more contracts and boost sales in your growing business.

CorpNet offers business formations, filings, state tax registrations, and corporate compliance services in all 50 states. Express and 24 hour rush filing services available upon request. Click here to learn more.

Image: Depositphotos

Source : SmallBizTrends

Related Articles

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

NEWS7.ASIA :How to Get Certified as a Woman-Owned Small Business
https://www.wtbass.com   https://www.3653555.org/   https://www.fournitures-de-bureau.biz   https://www.news4africa.org   https://www.les-meilleurs-produits.com  
--
Tanzania: Trump Imposes Visa Restrictions on Officials Over Vote *  Forza Motorsport Shares Year in Review Video to Cap Off 2020 *  Vicloon Elsa 2 Pièces Cadeau Set,Princesse Inclus Couronne avec Baguette Magique – Dress Up Accessoires de Filles pour… *  Cultivez votre propre kit de Bonsai – Cultivez facilement 4 types de bonsaïs avec notre kit de démarrage de graines de… *  La urna, la sorpresa de una despedida de soltera *  * Coque Huawei Mate 10 Cuir, Etui Huawei Mate 10 Portefeuille, Moon mood® Livre Housse en PU Cuir Téléphone Pliable Coque… *  Ohio US Navy Veterans Mesothelioma Advocate Now Recommends the Law Firm … – PR Newswire *  https://travel-mag.info   https://www.newmen.biz/shop/   https://www.monsegur-vaillant.com   https://e-lingerie.net   https://deguisements-fetes.com   https://www.choisir-sa-montre.com/   https://www.yonne-communes.org   https://dedalusprod.fr   How to Get Certified as a Woman-Owned Small Business : news7

news7.asia How to Get Certified as a Woman-Owned Small Business